Mukuru’s Awarding of Deposit-Taking Microfinance Institution (DTMFI) Licence – a Boost for Financial Inclusion in Zimbabwe
- Mukuru will drive the adoption of digital financial solutions with the support of its extensive booth and agent network
- DTMFI license to expand Reserve Bank of Zimbabwe’s financial inclusion strategy
- SMEs, women, youth and rural communities will feel the benefits of cost reductions
Next generation financial services provider Mukuru (www.Mukuru.com) has obtained the Zimbabwe Depository Microfinance Institution (DTMFI) license. This important achievement enables Mukuru to expand its mission of driving financial inclusion in the country, especially among underserved groups such as small and medium-sized enterprises, persons with disabilities, women, youth and rural communities.
Mukuru Group CEO Andy Jury said obtaining the DTMFI license is an important milestone for Mukuru as its mission aligns perfectly with the Zimbabwe National Financial Inclusion Strategy led by the Reserve Bank of Zimbabwe. “We are excited to leverage our extensive network and digital capabilities to further empower underserved communities, particularly small and medium-sized businesses, women, youth, people with disabilities and rural populations, and drive greater financial inclusion across the country. “
The jury said Mukuru is uniquely positioned to bridge the gap between formal and informal financial services in Zimbabwe by offering innovative financial products that enable people to easily send, store, spend and potentially borrow, unlocking new economic opportunities gap. “Relevant financial inclusion depends on the adoption of products and services. To this end, Mukuru’s trusted brand and reputation as a reliable financial services provider is expected to support building customer trust and drive adoption of digital products,” the jury explained.
Financial inclusion is lowest in rural Zimbabwe, where 63% of the population lives. Mukuru has been part of Zimbabwe’s financial services scene for the past 20 years, servicing over 3 million loyal customers. Its trusted and extensive network is digitally enabled, with 250 owned access points, 40% of which are located in rural areas. In addition to this, it has more than 500 partner access points across the country.
Mukuru Zimbabwe Financial Services CEO Doug Tait-Knight said meaningful financial inclusion can uplift communities by enabling them to access financial services and enter the mainstream economy.
“The DTMFI service offering cuts travel costs and enhances safety and inclusive practices because there is no need to collect money. Currently, more than 90% of people who receive remittances cash it out, so we are now well-positioned to help They embark on the journey of digital financial inclusion. Our DTMFI license will enable us to provide innovative digital solutions that meet the specific needs of our customers, ranging from those in wheelchairs to those with limited access to ATMs. customers accessing cash, to small business owners looking to grow their businesses. We are pleased that our strategy is aligned with the national financial inclusion strategy,” he said.
Distributed by APO Group on behalf of Mukuru.
Media enquiries:
Kgomotso Herakudi
kgomotso.hlakudi@mukuru.com
(+27) 73 333 1672
Mthokozis Dube
mtho.dube@lalataucomms.co.za
(+27) 81 790 2070
Amara Qutbodin
ammaarah@duomarketing.co.za
(+27) 71 529 6449
Editor’s note:
Mukuru is Southern Africa’s leading next-generation financial services platform, providing affordable and reliable financial services to a customer base of over 17 million across Africa, Asia and Europe.
With over 100 million transactions to date, our core focus is on providing international remittances and we have developed a range of services to meet our customers’ broader financial needs. Currently, we operate in more than 60 countries and over 500 remittance channels.
We are a customer-centric business and as such, we serve our customers through physical and digital channels, through various payment methods (cash, cards, wallets) and through a range of engagement platforms including WhatsApp, USSD, Contact Centre, App, website, agents and network of branches and booths.
Mukuru is listed as one of the top 100 global cross-border payment companies for the fifth consecutive year in the 2024 FXC Intelligence Top 100 Cross-border Payment Companies (https://apo-opa.co/3DonDyI), one of only six African companies to receive this honor.
In 2023, Mukuru was officially ranked sixth on the LinkedIn list of top companies in South Africa.
Mukuru was awarded the Fintech Innovation of the Year Award at the 2023 Africa Tech Festival Awards for innovation and excellence, recognizing the transformative power of financial technology in driving economic growth, financial inclusion and digital transformation.
In 2024, Mukuru received the IAMTN Payment Network Customer Experience Excellence Award for setting a high standard of excellence in customer satisfaction in cross-border payment services. In addition, Mukuru has been officially recognized as a Top Employer in South Africa for 2024 by the Top Employers Institute.
For more information see www.Mukuru.com.
